TSYS Q4 Profit Down - Update

(RTTNews) - TSYS (TSS) Tuesday reported a drop in profit for the fourth quarter, hurt largely by 20% drop in revenues.

Columbus, Georgia-based TSYS' fourth-quarter profit dropped to $136.4 million or $0.74 per share from $242.2 million or $1.31 per share last year.

Excluding items, adjusted earnings increased to $197.50 million or $1.08 per share from $151.0 million or $0.82 per share last year. Analysts polled by Thomson Reuters expected earnings of $1.07 per share. Analysts' estimates typically exclude special items.

TSYS' revenue for the quarter fell 20% to $1.02 billion from $1.27 billion last year. The decrease in revenues is the result of adopting ASC 606, the company said.

Net revenues, which excludes reimbursable items, interchange and payment network fees, was $959.3 million, an increase of 10.2%. Analysts had a consensus revenue estimate of $973.15 million.

Looking forward to full year 2019, the company expects adjusted revenues of $3.99 to $4.09 billion and earnings of $4.75 to $4.90 per share. Analysts currently estimate earnings of $1.18 and revenues of $1.01 billion for the quarter.